Financing secured by Marcus & Millichap Capital Corp. will result in an industrial warehouse and distribution center rising in East Windsor.
On March 18, the capital markets financial intermediary announced the $13.5 million construction loan for a 121,500-square-foot property that is expected to be completed in the third quarter of 2022.
First Vice President Gerald Kray, based in the firm’s New Jersey office, secured the funds. According to MMCC, the loan-to-cost ratio is 70%, with an interest rate of 3.75%.
MMCC said that the Mercer County location is close to other industrial and distribution providers, in addition to major tri-state thoroughfares.
“This property is in close proximity to Philadelphia, a major metro center and will be connected to the New Jersey turnpike, allowing for optimal logistics and shipping efficiency,” Kray said in a statement. “Lender appetite for well-located industrial assets continues to be very strong, allowing us to secure very favorable terms for our client.”
Editor’s note: A previous version of this story indicated that the square footage of the ensuing structure in East Windsor would be 21,500 square feet; that was incorrect, it is 125,000 square feet. Additionally, the loan-to-cost ratio was previously identified as loan-to-value. The post was updated at 11:14 a.m. EST on March 31, 2022.